KUALA LUMPUR (July 27): Datuk Md Wira Dani Abdul Daim, the largest shareholder of Reliance Pacific Bhd with a 30.96% stake, has been appointed as an executive director in the travels and tour operator.

In a bourse filing today, Reliance said Md Wira Dani — who is the 37-year-old son of former finance minister Tun Daim Zainuddin and actively involved in his family's merger and acquisitions business activities in Malaysia, Indonesia and Africa — has come on board.

Currently Md Wira Dani is a non-executive director of Liongold Corp Ltd, a company listed on the main board of the Singapore Exchange (SGX).

He also holds the positions of executive chairman of SGX-listed ISR Capital Ltd, besides being a non-executive director of London Stock Exchange-listed GCM Resources PLC and chairman of Astute Capital Ltd, a company incorporated in the British Virgin Islands.

He is also a director in several private companies, like Dani Sdn Bhd, Daza Holdings Sdn Bhd, Menara Ampang Sdn Bhd, Ibu Kota Developments Sdn Bhd, Maya Seni Holdings Sdn Bhd and Central Base (M) Sdn Bhd.

In a separate filing, Reliance said its current chief executive officer Datin Irene Tan, 61, will be quitting her post from Sept 30, 2016.

During her tenure, she was responsible for the development of Malaysia's first home-grown travel franchise under the Reliance brand name. She also led a team of hotel professionals in developing Malaysia's first home-grown hotel management franchise system for the Seri Malaysia chain of hotels.

She spearheaded and developed the Avillion Hotel Sydney, Avillion Hotel Port Dickson, Admiral Cove Development and Admiral Marina & Leisure Club in Port Dickson and Golden Envoy in Johor.

Tan and her husband, Reliance founder Datuk Gan Eng Kwong, had disposed of 37.34 million shares representing a 4.35% indirect stake in the company held via Reliance Holdings Sdn Bhd and through nominees to Mazmur Capital Sdn Bhd.

The couple ceased to be substantial shareholders in the company early this month.

The shares were disposed of at 22.5 sen per share on July 8, a 39% discount to Reliance closing market price of 37 sen on that date. After the disposal, Tan and Gan are both left with 14.69 million shares or a 1.7% stake in the company.

Mazmur Capital is a vehicle of See Ah Sing, an executive director of Reliance who has been re-designated to managing director on July 15. See is also said to be an associate of Tun Daim. He now holds 28.9% deemed interest in Reliance Pacific.

Reliance Pacific shares closed up 0.5 sen (1.4%) to close at 35.5 sen today, for a market capitalisation of RM304.8 million.